Altimmune gains on plans to test weight-loss drug for alcohol use disorder, other conditions

Shares of drug developer Altimmune ALT.O rose nearly 3% in extended trading before paring gains

Company says that it is planning to test its experimental weight-loss drug, pemvidutide, as a treatment for alcohol use disorder and alcohol-associated liver disease

Plans to begin a mid-stage trial in alcohol use disorder for pemvidutide in Q2 and another mid-stage trial for alcohol-related liver disease in Q3

Co's drug, pemvidutide, has shown to help patients reduce their weight by 15.6% on average in a mid-stage trial

As of the last close, stock down 27.9% YTD